Dilip Asbe has been appointed as the new MD and CEO of NPCI (National Payments Corporation of India), an umbrella organization for retail payment systems in India.
- Prior to this announcement, Dilip Asbe was CEO-in-charge of the NPCI since August 2017. He had replaced A P Hota whose term as the MD and CEO of NPCI ended in August 2017.
- Asbe has been in the NPCI since its inception and has played a pivotal role in designing, building, operationalising and managing large-scale payment processing platforms like the Unified Payments Interface (UPI), Bharat Interface for Money (BHIM), Immediate Payment Service (IMPS), India’s homegrown card network RuPay, and several other initiatives.
- Asbe, who has previously worked with Euronet and Prizm Payments had joined NPCI way back in January 2010 as its first employee and as a chief technology officer. In 2013 he had assumed the position of its chief operating officer and has played a pivotal role in NPCI's technology initiatives since then.
NPCI (National Payments Corporation of India)
- NPCI is the umbrella organisation for all retail payment systems in India, which aims to allow all Indian citizens to have unrestricted access to e-payment services.
- It was founded in the year 2008.
- It is an initiative of Reserve Bank of India (RBI) and Indian Banks’ Association (IBA) under the provisions of the Payment and Settlement Systems Act, 2007, for creating a robust Payment & Settlement Infrastructure in India.
- NPCI is a not-for-profit organisation registered under section 8 of the Companies Act 2013.
- The organisation is owned by a consortium of major banks, and has been promoted by the country’s central bank, the Reserve Bank of India.
- Its recent work of developing Unified Payments Interface aims to move India to a cashless society with only digital transactions.
- Presently, there are ten core promoter banks (State Bank of India, Punjab National Bank, Canara Bank, Bank of Baroda, Union Bank of India, Bank of India, ICICI Bank, HDFC Bank, Citibank and HSBC). In 2016 the shareholding was broad-based to 56 member banks to include more banks representing all sectors.
